First Project 3 Resource adds 1.9 million ounces to the Western Bushveld Joint Venture
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX;
PLG-AMEX) ("Platinum Group" or the "Company") announces a first resource
estimate on the Project 3 area adding 1.9 million ounces platinum, palladium,
rhodium and gold, "4E", inferred to the Western Bushveld Joint Venture ("WBJV").
Platinum Group holds a 37% interest in the WBJV including the Project 3 area.
The good grades and strong
platinum ratios on Project 3 are similar to the ratios of the Project 1 and
Project 2 resources, located on the same layers or "reefs". The Project 3
resources are at a depth of approximately 450 to 500 meters. Drilling is
continuing in the Project 3 area.
Western Bushveld Joint Venture Project Summary
Project 1�� Final
Feasibility due June 2008, Platinum Group 37%, and Operator
Project 2��� Measured and Indicated Resources announced April 22, 2008, mine
plan in review by Qualified Persons, Platinum Group 18.5%, Wesizwe Platinum is
the Operator
Project 3��� Inferred Resources, Platinum Group 37% and Operator
R. Michael Jones President and CEO
of Platinum Group said "We now have Project 1, 2 and 3 of the WBJV with defined
resources in logical mining blocks. We have final engineering and exploration
to complete on the WBJV over the next few months. The next phase of our work
will focus around ensuring the marketplace understands our value and growing
from there".
A compiled summary update of all
of the company resources and engineering plans by Project will be released
shortly.
The Company, as operator of the WBJV,
has started scoping level engineering for accessing the Project 3 resources
from either the proposed Project 1 or Project 2 mining areas or on its own with
a ramp. The area has potential to add to either of Project 1 or 2 which are
both at an advanced engineering stage or be a separate mine area on its own. Project
3 will be on its own engineering path over the next few months.
The Western Bushveld Joint Venture
is comprised of Platinum Group (37%), Anglo Platinum (AMS-JSE) (37%) and
Wesizwe Platinum (WEZ-JSE) (26%). The Company plans to file a report in
accordance with Canadian National Instrument 43-101 on the resources in due
course.
Effective date of the estimate: April
2008
Project
3 Resource Calculation Detail
A 14% geological loss for the
Merensky Reef and UG2 Reef respectively was applied to the area to accommodate
for areas of potentially un-mineable structural and geological conditions. This
geological loss considers losses for faults, dykes, potholes and areas of iron
replacement pegmatite. Structural loss estimates are based on drilling, field
mapping and remote sense data which includes a high resolution aeromagnetic
survey and a 3D seismic survey.
The Merensky mineral resource
estimate is based on 24 boreholes with 27 intercepts and the UG2 is based on 15
intercepts within the 224.28 hectare area. The prill split has been calculated
by weighted averages as a proportion of the total 4E and the grades have been
estimated with a more rigorous statistical process of Simple Kriging. (The
prill splits and 4E estimates have been tested for reasonableness by kriging on
the individual elements).
Copper and nickel as well as the
minor platinum group elements have also been estimated with a statistical
process of Simple kriging. Absent values for copper, nickel and the minor
platinum group elements have been derived from regressed values. The cut-off
was determined on a practical mining width and the known costs and mining
methods regionally. Platinum Group's independent consulting Qualified Person
has provided the mineral resource estimate according to the SAMREC code. The
reconciliation to the CIM codes is that the categories are the same. The
resources are located on new order prospecting permits that provide for the
right to be converted to mining rights.
Qualified
Person, Quality Assurance and Control and Data Verification
Charles Muller of Minxcon is the
Qualified Person ("QP") for this report. He is registered with the South
African Council for Natural Scientific Professions ("SACNASP") (Registration
No. 400201/04). Mr. Muller is an independent consultant with 18 years
experience as a geologist, and resource evaluator. Samples were analyzed under
Platinum Group's and Anglo Platinum's protocols previously published for the
project including insertion of blanks, duplicates and certified reference
materials in the assay stream once in every 24 or fewer samples. This is in
addition to internal quality control measures undertaken by the contracted
analytical facilities. Mr. Muller has visited the property on numerous
occasions and has completed sufficient testing procedure to be satisfied that
he has reasonably verified the data. A report will be filed on SEDAR within the
time required. The QP has reviewed and approved of this release. R. Michael
Jones, P.Eng is the non independent QP for the general project update compiled
from Independent QP reports and ongoing work.
The reader is referred to the
Company's filings with the SEC and Canadian Securities Regulators for
disclosure regarding other risk factors. There is no certainty that any forward
looking statement will come to pass and investors should not place undue
reliance upon forward-looking statements. Mineral Resources do not have
demonstrated economic viability.
Project 2 resources are detailed
in a press release dated April 22, 2008 and April 1, 2008 and Project 1 is
detailed in a report on www.sedar.com dated
October 30, 2007 and in press releases on April 14, 2008, October 16, 2007 and
September 7, 2007.
About Platinum Group Metals Ltd.
Platinum Group is based in Vancouver BC, Canada and Johannesburg,
South Africa.
Platinum Group has a management team in both Canada
and South Africa,
which have successful track records of more than 20 years in exploration, mine
discovery, mine construction and mine operations. The Company was formed in
2000 and is focused on the development of platinum operations. It holds
significant mineral rights in the Northern and Western Bushveld Igneous Complex
of South Africa.
Platinum Group is also a
significant mineral rights holder in the area surrounding Canada's only primary platinum and palladium
mine near Thunder Bay, Ontario Canada.
On behalf of the Board of
Platinum Group Metals Ltd.
"R. Michael Jones"
President and Director
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For Further Information Contact: R. Michael Jones, President or John
Foulkes, Manager Corporate Development Platinum Group Metals Ltd., Vancouver Tel: (604) 899-5450 / Toll Free:
(866) 899-5450
info@platinumgroupmetals.net
/ www.platinumgroupmetals.net _____________________________________ The TSX Exchange and the American
Stock Exchange have not reviewed and do not accept responsibility for the
accuracy or adequacy of this news release, which has been prepared by
management.
This press release contains forward-looking statements within the
meaning of Canadian and U.S.
securities laws. Such statements include, without limitation, statements
regarding the timing of future activities by the Company, future anticipated
exploration and development programs, the review of technical information, the
discovery and delineation of mineral deposit and resources, business plans,
potential mining scenarios, business trends and future operating factors.
Although the Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. All statements that are not
statements of historical fact are forward-looking statements. The Company
cautions investors that any forward-looking statements by the Company are not
guarantees of future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of various
factors, including, but not limited to, variations in the nature, quality and
quantity of any mineral deposits that may be located, the Company's ability to
obtain any necessary permits, consents or authorizations required for its
activities, the Company's ability to produce minerals from its properties
successfully or profitably, to continue its projected growth, or to be fully
able to implement its business strategies. In addition, forward-looking
statements are subject to various risks, including that data is incomplete and
considerable additional work will be required to complete further evaluation,
including but not limited to drilling, engineering and socio-economic studies
and investment;no firm quotes for costs
have been received;the legal right to
mine the project discussed has not been confirmed or applied for and the
process for such application is new in South Africa; the potential capital cost
of the project is beyond the current means of the Company and there can be no
assurance that financing for further work will be available. There are
significant risks with respect to grade estimation, metallurgical recovery and
mining plans that may result in over estimation or failure to meet targets.
Availability of grid electrical power is completely outside the company
control. Any estimates, plans or studies prepared by or on behalf of other companies
with respect to the project have not been prepared or reviewed by the Company
or the Company's QPs and such disclosure can't and should not be in any way be
attributed to the Company or the Company's QPs, independent or non-independent.
Any reference to Project 2 does not imply that this is a stand alone area for
any potential mine plan. The reader is referred to the Company's filings with
the SEC and Canadian securities regulators for disclosure regarding other risk
factors. There is no certainty that any forward looking statement will come to
pass and investors should not place undue reliance upon forward-looking
statements. Cautionary Note to U.S.
Investors: The U.S.
Securities and Exchange Commission permits U.S. mining companies, in their
filings with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce. We use certain terms in this
press release, such as "Measured," "Indicated," and "Inferred," "resources,"
that the SEC guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC.
U.S. investors are urged to consider
closely the disclosure in our Form 40-F, File No. 0-30306, which may be secured from us, or from the SEC's website at: http://sec.gov/edgar.shtml.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
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